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It was reported by Yahoo! Sports on Thursday that the Cavaliers and Timberwolves had come to terms upon a trade that would see Love and Wiggins swap teams, and that Love had agreed to opt out of his contract next summer and sign a five-year, $120 million contract with Cleveland.

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But according to ESPN.com’s Marc Stein and Brian Windhorst, if the parties involved had already agreed that Love would opt out and sign a new deal with the Cavs upon becoming a free agent, the deal could be deemed illegal and the league could veto the trade from happening.

Stein and Windhorst’s sources, however, indicate that no agreement between Love and the Cavs has been reached. Both Cleveland and Minnesota have avoided confirming that the deal is actually in place.

Stein and Windhorst report that the NBA is closely monitoring the transaction to make sure no league rules are broken.

What is holding up the trade from becoming official is that Wiggins, the No. 1 pick in this year’s draft, cannot be traded until Aug. 23 due to league rules. The hope for the Cavs is that the combination of LeBron James, Kevin Love, and Kyrie Irving will create a “Big 3” in Cleveland that will dominate the Eastern Conference the way James’ “Big 3” with Dwayne Wade and Chris Bosh in Miami commanded the East for the past four seasons.